Japanese organizers and the International Olympic Committee (IOC) made an informed decision on Monday that the Tokyo Olympic Games would start on July 23, 2021, and run until Aug. 8, Kyodo News reported.

The Games were postponed last week due to the deepening coronavirus outbreak.

The delay is the first in the 124-year history of the modern Olympics and represents a huge blow for Japan, which invested $13 billion in the run-up to the event and raised $3 billion from domestic sponsors.

Earlier on Monday, the Games’ chief executive, Toshiro Muto, said the committee was moving “in the direction” of honouring tickets bought for the 2020 Games at the rescheduled event or providing refunds in case of scheduling changes,

“We want to honour the hopes of all those who purchased the tickets amid high demand,” Muto told a news conference.

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